Accounting and Bookkeeping Industry Personnel

Submitted by sylvia.wong@up… on Sun, 12/06/2020 - 03:21

Accountants and Bookkeepers play vital roles in running a business because they help track income and expenditures, ensure statutory compliance, and provide investors, management, and government with financial information. This financial information is used when making business decisions like planning a budget or making future projections about the business.

The organisation or business owners have clearly defined roles that will enable them to identify the type of people they will need, so they will be hiring the most qualified candidates for the job. Having the right person to do the job or tasks will lessen if not eliminate errors and mistakes at work and improve the quality of work.

Apart from the management designated tasks, Accountants and Bookkeepers should know their roles and responsibilities as prescribed in their Professional Code of Ethics. They should work towards meeting the goals of the organisation, or the expectations and needs of their clients with proper accounting systems and processes while ensuring compliance to legislation or statutory requirements.
 

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Accountants and Bookkeepers are an invaluable asset to the company. They keep, organise, and maintain all the company’s financial records and they can have different roles and responsibilities. The roles and responsibilities of an accountant and bookkeeper are anchored to the business needs as listed below:

Here is a summary of the different responsibilities and qualifications of accountants and bookkeepers.

Roles Responsibilities Qualifications
Accountants
  • Prepare weekly cash flow reporting and examine all expense records of the organisation.
  • Prepare monthly financial reports which include but are not limited to balance sheet, profit and loss statement, cash flow statements, and other company required financial reports.
  • Complete monthly accruals, fixed assets, and depreciation.
  • Manage General Ledger and oversee reconciliations of financial records including bank statements.
  • Prepare reports of GST, Payroll, Tax, and other reports in compliance with legislative or statutory policies.
  • Analyse financial reports to assists in budgeting and forecasting for the organisation.
  • Ensure compliance with accounting standards and policies.
  • Supervise staff responsible for handling accounts payable and accounts receivable and monitor such accounts.
  • Initiate or assist in accounting process or system improvement.
 Bachelor’s degree in any of the following:
  • Accounting
  • Business (majoring in Accounting)

Professional certification or accreditation from any of the following Accounting organisations is required:
  • Certified Practicing Accountants (CPA Australia)
  • Institute of Chartered Accountants in Australia (ICAA)
  • Institute of Public Accountants (IPA)
  • Recognised international accounting bodies

 

Other related Bachelor's degrees qualifications include:

  • Economics
  • Management
Bookkeepers
  • Manage and record daily accounting transactions and post them in appropriate journals.
  • Prepare monthly or quarterly business activity statements (BAS).
  • Conduct banking activities, keep lodgement documents and reconcile bank statements with other financial records.
  • Manage accounts payable and accounts receivables including invoice preparation and payment allocation.
  • Monitor and control of credit and overdue payments.
  • Process payroll and other related payroll tasks.
  • Perform basic Human Resource administrative functions.
  • Coordinate with the external Accountant for annual accounts and tax queries.
  • Assist in preparing financial reports which include but not limited to balance sheet, profit and loss statement, cash flow statements, and other company required financial reports.

 

One of the following Certificate level courses is usually required:
  • Certificate IV in Bookkeeping
  • Certificate IV in Accounting
  • Diploma of Accounting

*BAS Agent registration is required.

Bachelor’s degree in any of the following is an advantage:

  • Accounting
  • Economics
  • Management
  • Business (majoring in Accounting)

There are tasks and functions in the financial industry outside of the accountant and bookkeeper’s expertise. In such instances, it is best to know the right person for the job to delegate the work and keep the company’s daily operations flowing smoothly. For example, a business may need assistance from a Loan Officer, In-house Lawyer, or a Private banker.

It is important for every professional to keep abreast of changes or advancements within their industry and to capitalise on their professional development to provide the best service for their employer or clients. There are guidelines and requirements for accountants and bookkeepers to follow in line with Continuing Professional Education (CPE) which are specified by the Tax Practitioners Board (TPB) in the CPE for tax agents section of their website.

For example, BAS agents must have completed Continuing Professional Education (CPE) to maintain knowledge and skills relevant to the BAS services they provide which is one of their obligations under the Code of Professional Conduct. They should also record their CPE activities for when asked to provide evidence of completed CPE throughout their registration period or when applying for renewal of BAS agent registration.

The table below shows the minimum number of CPE hours expected to be undertaken by the various agent types within a standard three-year registration period.

Registered Agent Type Min. CPE hours over 3 years Min. hours each year
Tax Agents 90 10
Tax Agents with a condition on registration 45 5
Tax Agents without a condition on registration 6 2
BAS Agents 45 5
BAS Agents with a condition on registration 6 2
Tax Financial Agents 60 7
Tax Financial Agents with a condition on registration 45 5

 

For example, if Jane (a BAS Agent) wants to register for the TPB's standard three-year membership, she is required to undertake a minimum of 45 hours of CPE over the three year period. This doesn't have to be an even split per year, rather, she can alter the number of hours from year to year as long as she completes at least 5 hours each year. Her breakdown of CPE hours may consist of Year One - 20 hours (undertook a TAFE short course), Year Two - 15 hours (attended a two day conference and associated workshops), Year Three - 10 hours (participated in a series of four webinars run by the ATO and also completed an associated online course).

The TPB also lists CPE activities that are considered appropriate under their policy, which include:

  • Seminars, workshops, webinars, courses and lectures.

  • Structured conferences and discussion groups (including by phone or video conference).

  • Tertiary courses provided by universities, registered training organisations (RTOs), other registered higher education institutions or other approved course providers.

  • Other educational activities, provided by an appropriate organisation.

  • Research, writing and presentation by a registered tax (financial) adviser, tax or BAS agent of technical publications or structured training.

  • Peer review of research and writing submitted for publication or presentation in the structured training.

  • Computer/Internet-assisted courses, audiotape or videotape packages.

  • Attendance at structured in-house training on tax-related subjects by persons or organisations with suitable qualifications and/or practical experience in the subject area covered.

  • Attendance at appropriate Australian Taxation Office (ATO) seminars and presentations.

  • Relevant CPE activities provided to members and non-members by a recognised professional association.

  • A unit of study or other CPE activity on the Tax Agent Services Act 2009  (TASA) including the Code of Professional Conduct (Code).

Identifying other relevant professionals and joining their network does not only pave the way for better opportunities but also influences one’s professional and personal growth. However, time and effort should also be invested in networking.

To stay abreast of changes and updates to relevant accounting and bookkeeping standards, requirements and practices within the industry, an accountant or bookkeeper needs to develop and maintain social ties with professionals in the network circle. 

Listed below provide examples of the type of networking which can be conducted:

  • Societies, Associations, and Chambers of Trade or Commerce. 

  • Institutes for industries.

  • Conferences and Seminars. 

  • Training courses.

  • Professional body websites and website forums. 

  • Lectures and talks.

  • Shareholders’ meetings.

  • Annual General Meetings.

  • Conventions.

  • Product or book launches.

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